Top 5 Health Insurance Mistakes to Avoid to Save Premium Money

Not many may find it easy to buy health insurance online. The process involves deciding which type of health insurance plan to buy, comparing health insurance premiums online, checking the claim settlement ratio of different health insurance companies, etc., which sometimes can be pretty overwhelming. Due to this, people tend to make some mistakes when buying health insurance online, which might cost them a huge amount at the time of claim settlement and reimbursement. So that you know how to correct them or avoid these mistakes, here we have compiled a list of them to save your financial future from getting severely jeopardized.

Top 5 Health Insurance Mistakes to Avoid While Buying Health Policies

The top points to avoid while buying health insurance policies to save insurance premiums are listed below:

1. Forgot to Compare Health Insurance Plans

To choose the best health insurance policy, it is important to check other similar alternatives as well. You may have some specific needs and financial background which is why you should check the best health insurance plans. And buying a health insurance policy only because your friend or relative has bought it, may not solve the purpose. Hence, you should buy the policy after assessing your requirements and comparing it with other similar options.

2. Getting Insufficient Coverage To Save on Health Insurance Premium

Choosing a health insurance policy with lower coverage to save on premiums is a bad idea. It is wise to go for an affordable health insurance policy but considering only premium and going for insufficient coverage should be avoided. This is because if you compromise on health insurance coverage today, you may end up paying a lot from your pocket in case of hospitalisation in the future. And nobody would want that, especially with a health insurance policy in hand.

3. Hiding Pre-existing Conditions in Health Insurance Application

Hiding pre-existing conditions in health insurance applications is another mistake most people make which may cost them a lot in the future. They may do so thinking that the insurance company would not take notice of it and they will be able to get reimbursement for the same. But this is not true. To avoid any fraud, insurance companies offer health insurance plans with different waiting periods. Also, one must know that it is a misconception that if a pre-existing disease is declared in advance, then it would not be eligible for claims.

4. Insuring Yourself by Paying High Health Insurance Premiums

To keep it safe, people sometimes over-insure themselves and end up paying huge premiums on health insurance that are not even required. A lot of diseases that health insurance plans cover are rare and one may never contract it. So, paying premiums for them is not a wise option. To avoid this mistake, you must read policy documents thoroughly and choose a plan with the benefits that you require.

5. Not Checking Top Rated Health Insurance Companies Ratings

Many people do not give importance to factors like an insurer's financial history, claim settlement record, etc. before choosing the right health insurance company. You must do adequate research as it tells about the credibility of the insurer. Also, you must read about the insurer on portals like InsuranceDekho to check the reliability of the insurance company.

Conclusion

When buying health insurance online, it is recommended to read policy documents carefully and make informed decisions. This will minimize the scope of making mistakes and keep you from losing peace of mind at the time of claim settlement. In case of any doubt or query, you must get in touch with the knowledgeable customer care executives at InsuranceDekho and get them solved in no time.

Also Read: 6 Reasons Why You Should Buy Health Insurance

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Disclaimer: This article is issued in the general public interest and is meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive and should research further or consult an expert in this regard.